Hungarian banks are redesigning their account packages with a stronger focus on lower costs, simplified structures, and services that increasingly resemble those offered by fintech companies such as Revolut and Wise.

According to Index, several banks began rolling out major updates to their retail banking products from May 2026 onwards, at a time when Revolut is preparing to establish a local branch in Hungary.

Industry observers believe this growing competition is putting pressure on traditional banks to modernise their services and pricing.

The last major overhaul of Hungarian retail banking came during the introduction of the financial transaction tax more than a decade ago.

At that time, banks largely removed zero-fee account packages and replaced them with transaction-based charges, passing the additional costs directly on to customers.

Since then, however, the financial landscape has changed considerably. International fintech providers have gained a strong presence in Hungary, attracting customers with low-cost currency exchange, free account management, easy-to-use mobile apps, and fast digital onboarding systems that allow accounts to be opened through selfie identification.

Services from companies such as Revolut and Wise have become especially popular among internationally minded users, including expats, freelancers, and people regularly transferring money between currencies.

Their rapid growth has pushed Hungarian banks to respond more aggressively than before.

In recent years, domestic banks have significantly improved their digital offerings.

Most major Hungarian banks now provide modern mobile banking apps, more competitive exchange rates, and fully digital account opening processes. What had remained slower to change, however, was the structure of the account packages themselves. That is now beginning to shift.

Financial expert Péter Gergely of BiztosDöntés.hu told Index that several banks are moving towards simpler and more flexible account models that are easier for customers to understand and compare.

Raiffeisen Bank was among the first to simplify its retail banking products, beginning in autumn 2024. 

The bank streamlined its previous range of account types into a more unified structure centred around the Raiffeisen Aktív account.

Under the new model, monthly account fees can be waived under several conditions, including receiving an income equivalent to the minimum wage, maintaining active account usage, or having an existing retail loan with the bank. The package also introduced reduced fees for online transfers.

From May 2026, Gránit Bank also completely redesigned its retail account offering. Instead of traditional account packages, the bank introduced four account structures aimed at different customer profiles, following an approach more commonly associated with fintech providers.

One notable feature is that every package automatically includes a fee-free euro account, while customers can also choose to use a virtual bank card only.

OTP Bank has likewise reacted to increasing market competition. The bank made several previously temporary discounts permanent from May 2026 and removed fees from a number of services altogether.

One of the most significant changes concerns its Árfolyam+ foreign exchange service, which now offers more favourable exchange rates automatically and without a monthly fee up to a set limit.

Analysts see this as a direct response to fintech competitors offering cheaper currency conversion services.

MagNet Bank also updated its retail banking products from October 2025, while MBH Bank introduced its MBH Tripla package at the end of 2025.

The bank says the product combines traditional banking services with digital tools and insurance features in an attempt to stand out in Hungary’s increasingly crowded retail banking market.

For customers in Hungary, especially expats and international professionals who regularly deal with multiple currencies or online banking services, the changes could make local banking more competitive and easier to navigate than in previous years.

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